证券代码：001328 证券简称：登康口腔 公告编号：2025-025 重庆登康口腔护理用品股份有限公司 关于控股股东国有股权无偿划转完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025年2月28日，重庆登康口腔护理用品股份有限公司（以下简称"公司"）收到 间接控股股东重庆机电控股（集团）公司（以下简称"机电集团"）通知，获悉重庆 渝富控股集团有限公司（以下简称"渝富控股"）将所持本公司控股股东重庆轻纺控 股（集团）公司（以下简称"轻纺集团"）80%股权无偿划转给机电集团。同时，重 庆市国有资产监督管理委员会（以下简称"重庆市国资委"）将持有的轻纺集团20% 股权无偿划转给机电集团。股权划转完成后，重庆市国资委、渝富控股、机电集团、 轻纺集团签订的《托管协议》解除（以下简称"本次变动"）。 本次变动完成后，机电集团由受托管理轻纺集团，变为直接持有轻纺集团100%股 权，轻纺集团的控股股东将由渝富控股变更为机电集团，不涉及公司表决权的变动， 不会导致公司控股股东和实际控制人发生变化。公司的控股股东仍为轻纺集团，实际 控制人仍为重庆市国 ...

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [8] - The pet food segment shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [8] - The baby care market is fragmented, with strong brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for marketing and channel empowerment [8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant increase in revenue and is expected to see a gradual improvement in its profitability model [9] - Dengkang Oral Care's revenue growth exceeded expectations, with a sustainable improvement in profitability [9] - Runben Co. experienced strong revenue growth driven by new product launches, particularly in the sunscreen category [9] - Zhongchong Co. is successfully transforming its brand, with expectations of over 40% growth in its flagship product [9] - Companies in the trendy toy sector are well-positioned to benefit from consumer trends and new product launches [9] 2) High Competitive Barriers - Guibao Pet's revenue and profit growth exceeded expectations, driven by strong brand performance and successful high-end product launches [10] - The overall industry remains vibrant, with companies optimizing their product and channel structures [10] 3) Performance Recovery Expected - Chenguang Co. has underperformed due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [2][8] - The pet food sector shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [2][8] - The baby care market is fragmented, with leading brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [2][8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for traffic generation and empowering other platforms and offline markets [2][8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [2][8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant revenue increase of 39% in Q4 2024 and 30% in Q1 2025, with a strong performance in e-commerce and a positive outlook for its probiotic series [3][9] - Dengkang Oral Care also showed robust growth, with a 39% increase in Q4 2024 and 19% in Q1 2025, benefiting from an optimized product structure and strong online sales [3][9] - Runben Co. experienced a 34% revenue increase in Q4 2024 and 44% in Q1 2025, driven by the rapid launch of new products [4][9] - The trendy toy sector, represented by companies like Blokus and Pop Mart, saw revenue growth of 156% and 278% respectively, indicating a strong market presence [4][9] 2) High Competitive Barriers - Guibao Pet's revenue and profit exceeded expectations, driven by strong growth in its proprietary brand and successful high-end product launches [10] - The overall industry remains buoyant, with companies optimizing product and channel structures, leading to sustained revenue growth and improved profitability [10] 3) Performance Recovery Expected - Chenguang Co. reported lower-than-expected performance due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Core Points - The company announced a change in the lead financial advisor for the ongoing acquisition supervision by Southwest Securities [1][2] - The previous lead financial advisor, Mr. Wang Jiliang, is unable to continue due to a job change, but the rest of the team will maintain their responsibilities [1][2] - The new lead financial advisors are Mr. Wu Jiang, Mr. Xiao Jiyu, and Mr. Gao Zhenglin, and the change will not affect the quality or progress of the supervision work [2] Summary by Sections - **Company Announcement** - The company and its board guarantee the accuracy and completeness of the disclosed information [1] - The announcement is made regarding the change in the lead financial advisor for the acquisition supervision [1][3] - **Financial Advisor Change** - The new lead financial advisors are Mr. Wu Jiang, Mr. Xiao Jiyu, and Mr. Gao Zhenglin [2] - The change in leadership will not impact the ongoing supervisory work's quality and progress [2]

Summary of Conference Call Records Industry Overview - The beauty and personal care industry has shown a recovery in Q1, with domestic brands gaining market share, particularly through category and channel breakthroughs. Companies like Luoyuchen and Jiahua have improved margins through organizational adjustments and product innovation [1][4] - The personal care market is experiencing stable growth with a trend towards premiumization. Domestic brands are gaining an advantage in emerging channels like Douyin, with strong revenue growth and consumer recognition of their market share increase [1][5] - Live-streaming e-commerce has provided domestic beauty and personal care brands with opportunities to effectively reach young consumers, enhancing brand awareness and sales channels [1][6] Key Companies and Performance - **Mao Geping**: Achieved significant growth above industry averages, expected to maintain a 30% compound annual growth rate (CAGR) over the next three years due to high-end offline channels and effective online marketing [1][9] - **Ruo Yuchen**: Experienced rapid sales growth through product design and marketing innovation, particularly in the fragrance laundry liquid and health products sectors, with a sales target of 1 billion yuan for 2025 [1][9] - **Baiya and Dengkang**: Both companies have shown good revenue growth, with Baiya leveraging live-streaming e-commerce for expansion and Dengkang focusing on high-end products through targeted marketing on platforms like Douyin [1][10][11] Market Trends and Consumer Behavior - The demand for personal care products is stable but has shown a consistent price increase trend, driven by inflation and a shift towards health and natural product preferences among consumers [1][5] - The beauty industry is characterized by a long-term growth potential, with domestic brands continuing to gain market share. Current valuations have not yet returned to pre-2021 levels, indicating potential for valuation improvement [1][14] Future Growth Potential - The sanitary napkin market has reached a certain ceiling in domestic sales, but there is still room for growth in absorbent products like diapers and adult care items, as well as potential expansion into overseas markets [1][17] - The toothpaste market is also large, with opportunities for growth in related categories such as toothbrushes and mouthwash, indicating a robust growth outlook for the oral care sector [1][18] - The cotton soft towel market, as a new product category, has significant market potential due to its higher price point compared to traditional paper products, with companies like Weijian Medical expanding their product lines to enhance brand presence [1][19] Valuation Insights - Most personal care brands have not yet experienced the valuation premiums seen in 2021, with current valuations aligning with growth rates. However, as domestic brands continue to validate their growth, there is potential for increased valuation premiums in the future [1][20][21] - In the Hong Kong market, companies like Shangmei have a valuation of approximately 24 times earnings, while in the A-share market, Pulaoya's valuation is around 20 times, both indicating investment attractiveness [1][15]

特此公告 重庆登康口腔护理用品股份有限公司 重庆登康口腔护理用品股份有限公司 关于变更持续督导财务顾问主办人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 西南证券股份有限公司（以下简称"西南证券"）作为重庆机电控股（集团）公 司间接收购重庆登康口腔护理用品股份有限公司（以下简称"公司"）事项和重庆渝 富控股集团有限公司间接收购公司事项（以下简称"收购事项"）的财务顾问，目前 处于持续督导阶段。 公司于近日收到西南证券发来的《西南证券股份有限公司关于变更重庆机电控股 （集团）公司间接收购重庆登康口腔护理用品股份有限公司持续督导财务顾问主办人 的函》及《西南证券股份有限公司关于变更重庆渝富控股集团有限公司间接收购重庆 登康口腔护理用品股份有限公司持续督导财务顾问主办人的函》。原财务顾问主办人 王继亮先生因工作变动，无法继续担任收购事项的持续督导财务顾问主办人，其余人 员继续履行相关职责。 本次变更后，收购事项的持续督导财务顾问主办人为邬江先生、肖霁娱先生和高 正林先生，本次财务顾问主办人的变更不会对持续督导工作的质量和进度产生影响， 财务顾问团队将严格按 ...

Group 1 - The beauty care sector experienced a significant rally in the afternoon, with companies like Dengkang Oral (001328) hitting the daily limit up, indicating strong investor interest [1] - Jinbo Biological saw an increase of over 9%, while Marubi Biological (603983) rose by more than 8%, reflecting positive market sentiment towards these stocks [1] - Other companies such as Betaini (300957) and Babi Co. also followed suit with notable gains, suggesting a broader trend in the beauty care industry [1] Group 2 - There is a noticeable influx of dark pool capital into these stocks, indicating potential institutional interest and confidence in the beauty care sector [1]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights the growth of emotional consumption and high-quality domestic products, indicating a robust performance in the light industry sector [1][5] - The report anticipates a recovery in traditional consumption sectors, with a focus on companies that are expected to reach performance inflection points in the second half of the year [9][10] Summary by Sections 1. Economic Overview - The overall economic environment is described as weak, but there is structural prosperity in consumption [5] 2. Performance Review for 24A & 25Q1 - Emotional consumption and high-quality domestic products have shown significant growth, with companies like Pop Mart and others demonstrating strong performance [9] - Traditional consumption sectors are expected to stabilize and recover, with companies such as Oppein Home, Gujia Home, and others being highlighted for their potential [9] 3. Sub-sector Performance - **Home Products**: 24A revenue decreased by 0.28% YoY, while net profit dropped by 16.21%. However, 25Q1 showed a revenue increase of 3.79% and a net profit increase of 10.78% [9] - **Paper Industry**: 24A revenue decreased by 1.25% YoY, with a significant drop in net profit of 136.6%. 25Q1 saw a revenue decline of 13.04% and a net profit decrease of 91.72% [9] - **Packaging**: 24A revenue increased by 2.55% YoY, but net profit fell by 16.81%. In 25Q1, revenue grew by 9.2% and net profit increased by 19.7% [9] - **Cultural and Entertainment Products**: 24A revenue increased by 7.64% YoY, with a net profit decrease of 8.81%. 25Q1 showed a slight revenue increase of 2.42% and a net profit decrease of 6.95% [9] - **Personal Care Products**: 24A revenue increased by 6.30% YoY, with a net profit decrease of 4.71%. 25Q1 saw a significant revenue increase of 26.13% and a net profit increase of 12.94% [9] 4. Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.28%, with notable changes in specific sub-sectors [12] - Companies like Sun Paper, Morning Glory, and others are leading in fund holdings, particularly in emotional consumption categories [15]

Summary of the Conference Call Records Industry Overview - The beauty and personal care industry is experiencing an increase in penetration rates and rising prices, showing stronger growth compared to traditional food and beverage sectors, leading new consumption trends [1][7] - Domestic brands are rapidly rising in the beauty and personal care market, replacing foreign brands, particularly Japanese and Korean brands, which are showing significant declines [1][3] Key Financial Performance - **Personal Care Segment**: - 2024 revenue growth of 19% and net profit growth of 25% - Q1 2025 revenue growth of 29% and profit growth of 13%, driven by product innovation and Douyin channel [1][6] - **Medical Aesthetics Segment**: - 2024 revenue growth of 16% and net profit growth of 22% - Q1 2025 revenue and profit remained flat, with significant internal differentiation [1][9] - **Cosmetics Industry**: - 2024 revenue growth of 11% and net profit decline of 9% (11% growth after excluding anomalies) - Some companies like Juzhi Biotechnology and Mao Ge Ping performed exceptionally well [1][10] Channel Performance - Douyin channel is noted for its dual role in marketing and sales, with high initial costs but potential for improved profitability as brand influence expands to other channels [4][8] - In April 2025, beauty brands on Douyin showed strong performance, with several brands achieving over 100% growth [11] Company-Specific Insights - **Ruo Yuchen**: - Q1 2025 revenue and profit growth exceeded 200% for its free brand and over 150% for its household cleaning brand [12] - **Deng Kang Oral Care**: - Q1 2025 revenue and profit growth of 15%-20%, with online channels showing over 200% growth [14] - **Polaire**: - Q1 2025 saw unexpected profit growth due to improved gross margins and optimized sales expenses [16] - **Mao Ge Ping**: - April 2025 Douyin channel growth of over 30% [17] - **Perfect Bio**: - Q1 2025 revenue growth of 28% and net profit close to 30% [18] - **Runben**: - Q1 2025 revenue growth of 44%, with a focus on new product launches [19] Market Trends and Investment Recommendations - The beauty and personal care sector is expected to continue leading new consumption trends, with investment strategies focusing on companies with strong innovation capabilities and those showing positive changes [1][7][26] - Recommended stocks include Ruo Yuchen, Deng Kang Oral Care, and Runben in the personal care segment, and high-end domestic brands like Mao Ge Ping and companies in the collagen segment like Juzhi Biotechnology [26] Additional Insights - The beauty and personal care sector is more sensitive to product demand, innovation, and channel changes compared to other consumer goods, providing a natural premium and innovation potential [24] - The overall market for personal care, beauty, and medical aesthetics is expected to show strong growth, driven by product innovation and structural opportunities [25]

Core Viewpoint - The announcement details the completion of a change in the upper shareholding structure of Chongqing Dengkang Oral Care Products Co., Ltd. due to the acquisition of 80% of the shares of its indirect controlling shareholder, Chongqing Mechanical and Electrical Holding (Group) Co., Ltd. by Chongqing Yufu Holding Group Co., Ltd. [1][2] Group 1 - The acquisition allows Yufu Holding to indirectly control 59.83% of the voting rights of the company [2] - Together with its concerted party, Chongqing Department Store Co., Ltd., which holds 1.74% of the shares, Yufu Holding and its concerted parties will control a total of 61.57% of the voting rights [2] - The acquisition does not change the company's controlling shareholder or actual controller, which remains Chongqing Light Textile Holding (Group) Co., Ltd. and Chongqing State-owned Assets Supervision and Administration Commission, respectively [2][3] Group 2 - The company received notification from the Mechanical and Electrical Group that the relevant industrial and commercial change registration procedures related to the acquisition have been completed [3]